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The Way Ahead

In: Full Employment: A Pledge Betrayed

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  • John Grieve Smith

Abstract

The review of the development of economic policy since the Second World War in previous chapters has shown that the principal factor in the abandonment of full employment in recent years has been the resort to deflationary monetary and budgetary policies to control inflation. Full employment cannot, however, simply be restored by reverting to more expansionary demand management: that is essential, but not sufficient. We have at the same time to build up the capacity to employ the potential workforce once again, ensure that the necessary skills are available, and find other means of combating inflation. We have also, with other governments, to establish economic regimes, both in the European Union and in a wider international sphere, that will facilitate expansion rather than exercise a continual deflationary bias.

Suggested Citation

  • John Grieve Smith, 1997. "The Way Ahead," Palgrave Macmillan Books, in: Full Employment: A Pledge Betrayed, chapter 12, pages 224-241, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-37238-2_12
    DOI: 10.1057/9780230372382_12
    as

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